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US stock futures edged modestly higher Monday night, attempting to stabilize after the Nasdaq Composite ended a remarkable 13-day winning streak earlier in the day.
Futures linked to the S&P 500 (ES=F), rose 0.2%, while Nasdaq 100 futures (NQ=F) gained 0.2%. Contracts tied to the Dow Jones Industrial Average (YM=F) added 0.1%.
Investor focus is being dominated by the news that Apple (AAPL) CEO Tim Cook will step down, to be replaced by senior vice president of hardware engineering, John Ternus. Apple stock has slipped 0.5% in after-hours moves following the announcement.
Earlier Monday, all three benchmarks closed in the red as tensions between the US and Iran intensified. The pullback followed comments from Donald Trump, who said the US had seized an Iranian-flagged cargo vessel in the Gulf of Oman. The move came shortly after Iran signaled it would not join a new round of diplomatic talks. A temporary ceasefire between the two nations is also set to expire later this week.
In Washington, attention is turning to the confirmation hearing for Federal Reserve chair nominee Kevin Warsh. In prepared remarks, Warsh emphasized the importance of central bank independence, warning against political encroachment.
“The Fed must stay in its lane,” he said, indicting that the push and pull between Trump and the Fed may be coming to an end. Noticeably absent from the remarks were any firm statements on upcoming interest rates.
On the corporate front, earnings season rolls on with results from United Airlines (UAL), Intel (INTC), and Tesla (TSLA) highlighting the week.
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Tim Cook’s tenure saw Apple stock rise to $4 trillion
Yahoo Finance’s Dan Howley reports:
